A director at Tesco sold after exercising options/sold 564,691 shares at 461p and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last ...
This year the title a kind of magic represents the sparkle that is present in credit markets. Turbulence will be the name of the game driven by energy prices, inflation, recession, a changing rate environment and a cost-of-living crisis. It's a kind of magic which compensates all that misery, and that magic is quite simply valuations.
After two fruitful years, the European food retail sector will need to buckle-up for challenging times. Inflation and low consumer confidence will, in our view, lead to down trading and lower volumes. We assess what this means for trends in the sector, look at drivers behind the sector and analyse selected companies. In our view Ahold Delhaize and Tesco are best positioned while Auchan, Carrefour and Metro potentially face the most difficulties. Having said that, we see the most value in Tesco a...
Strategy: APP ending in 3Q will leave spreads unsupported in the second half of the year. Consumers: Tesco reports FY 2021/22 results, and shows a strong improvement of leverage ratio; LVMH reports first quarter results. Telecom: French antitrust officials conducted a search in Orange's offices; Iliad potentially interested in Telecom Italia's consumer facing business. Utilities: Naturgy halts spin-off
Tesco released its third quarter results together with a Christmas trading statement. Covid-19 again led to more holiday celebrations at home, which led to elevated sales in food retail. Total sales in the third quarter (based on the 19-week period) were up 2.6% on a LfL basis. Especially around Christmas the LfL sales levels were strong at 3.2% compared to last year. In the UK, sales in the third quarter were flat YoY on a LfL basis while in ROI it was down 3.3%. Note these results are on a ver...
Tesco's 2021/22 interim results showed that the company continues to perform well despite the easing of Covid-19 containment measures. The Group sales were £27,331m (was £26,652m in 1H20/21) and adjusted operating profit was £1,458m compared to £1,037m a year before. This is driven by both a continued strong performance of Retail but also the return to profitability of Tesco Bank. The Retail free cash flow almost doubled from £797m to £1,543m and the company calculated net debt is down by £2.3m,...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
The most common mistake people make is assuming Belgians and the Dutch are similar. We are fond of each other, but it could not be further from reality. The same goes for how our Food Retail landscape looks like. This week Jumbo Supermarkets and Makro, the Dutch banner of Metro announced a collaboration. In our view this stirs up the Dutch food retail and wholesale landscape and also sounds like a prelude for some action in Belgium. We discuss why the landscapes are different, why we expect furt...
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